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MARCH 19, 2024

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INSURANCE INDUSTRY NEWS

Conning Study Offers Insights On GenAI
The insurance industry continues to adapt and find opportunities for technological transformation utilizing Generative AI. Developing and piloting these technologies will require significant investments in time and resources. This will apply upward pressure on expense ratios over the near-term with Generative AI driving the shifts in the type of staff and positions needed to run a modern insurance company. Read more.

VIU By HUB Partners With Mile Auto
VIU by HUB, an omnichannel insurance brokerage platform, is pleased to announce a partnership with Mile Auto, a pay-per-mile auto insurance company, to bring an innovative solution to VIU enabling customers to access affordable car insurance based on how much they drive. Read more.

Innovative Approach To Precision Language Models Sets New Industry Standards
Quantifind, the leader in AI-powered Risk Intelligence, has published a new white paper titled "Precision LLMs in Risk Assessment: Redefining Decision-Making with Large Language Models" which sheds light on the transformative potential of Large Language Models (LLMs) in revolutionizing risk management strategies across various industries. Read more.

How Insurance Companies Can Support The New Generation Of Workforce
Vymo and LIMRA have released a report which provides perspectives to help insurance companies understand how Millennials and Gen-Zs want to live and work in order to support the younger cohort joining the workforce. Read more.

Climate-Tech Startups Form Real-Estate Alliance
ClimateCheck and ClimateFirst are pleased to announce a first-of-its-kind partnership to enable commercial real-estate stakeholders to assess financial risk due to climate change. The new approach features analysis to determine the value of assets that could be damaged or destroyed as a result of climate-driven disaster and recommends property resilience measures. Read more.

Ives Insurance Brokers Acquires All-Risks Insurance Brokers Essex Branch
Ives Insurance Brokers Ltd., a leading insurance provider and Navacord-owned brokerage, is pleased to announce the acquisition of the Essex branch of All-Risks Insurance Brokers Ltd., effective March 1st. Read more.

DKI Canada Network Expands In B.C.
DKI Canada is pleased to announce the expansion of DKI - Elite with its new location in Prince George, British Columbia. Read more.

Western Canada Deep Freeze Insured Damage Total Revealed
Mar. 11, 2024) – A deep freeze in Western Canada in January is estimated to have caused over CAD 180 million in insured damage, according to initial estimates from CatIQ. Read more.

Home Insurance Rates Increase In 2024
According to MyChoice, a leading insurance comparison website, Canadians should brace for increased home insurance prices in 2024. The high inflation witnessed in 2023 is a precursor to the anticipated developments this year, as high claims costs, soaring repair/replacement expenses and increased climate-related disasters have set the stage for this inevitable price recalibration. Read more.

Climate Adaptation Clearly Reflected In Housing & Climate Task Force Blueprint
Climate Proof Canada has issued a statement in response to the Housing & Climate Task Force's release of its Blueprint for More and Better Housing. Read more.


The Intersection: Insurance-Canada.ca Blog

What's going through the Intersection
of insurance and technology?

Navigating Hard Market Challenges In Personal Auto Insurance
By Erik Bahnsen, Industry Analyst, CCC
Due to a convergence of factors, we're in the midst of a uniquely challenging time for personal auto insurers (which is projected to persist until at least 2025), and the industry has reacted to those challenges with unusually steep premium increases. Some downstream impacts have already been articulated, while others are creeping in under the radar, yet all have the potential to compound current challenges to insurers, as well as to create opportunities. Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

QuickFacts
QuickFacts software compiles up-to-date carrier information for side-by-side comparisons, which reduces underwriter calls, saves brokers time, and streamlines operations. Advanced filtering and direct access to carrier manuals, forms, questionnaires, wordings, bulletins and more saves brokers significant time searching across portals and through documents. Additionally, brokers can create custom, detailed Workflows that optimize operations for every member of their team, from leadership to new hires. Learn more.

Calling all InsurTechs! Click here to participate.


From Doug

Technology innovations arrive frequently and developers apply them to reengineer insurance processes. Such solutions are innumerable.

Some examples from the 2024 ICTA finalists:

TD insurance, with Symcor, transformed a paper process into a digital one, to deliver mandatory change notifications to finance firms.

To improve commercial lines quoting, Fuse Insurance (with Calefy), Quotey, and Northridge (with Applied Systems) made improvements throughout the process, including:

• Customers entering data into smart forms,
• Brokers submitting requests of higher quality,
• Insurers responding with in seconds,
• Brokers evaluating quotes
• Brokers creating proposals

End-to-end. productivity is greater, time reduced and customer satisfaction improved.

Wisedocs applied AI and ML to medical records (bodily injuries) in a digitally managed system, then applied Gen AI to summarize them, thereby helping claims examiners.

These examples illustrate the breadth of innovation improvements across the insurance business.

Two of the challenges: deciding which improvements to undertake, and inculcating a company culture which is eager – not reluctant – to change.

Doug Grant, CIP
Partner
Insurance-Canada.ca

Doug Grant

The Chronicle weekly newsletter features news, events, and general information relating to technology and innovation in the Canadian insurance industry and marketplace. Subscribe here or view past issues.

If you would like to recommend an item for inclusion – with a focus on technology in insurance relevant to the Canadian Property & Casualty insurance industry – please contact [email protected].

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